Vantage Corp Reports Financial Results for the First Half Fiscal 2026 Ended September 30, 2025

Key Terms

ebitda financial

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

adjusted ebitda financial

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

demurrage commission technical

A demurrage commission is a fee paid to an intermediary or agent that is calculated as a percentage or fixed amount of demurrage charges—those late or storage fees charged when cargo or containers remain at a port or terminal past the agreed free time. Investors care because demurrage and any commission on it affect shipping and logistics costs, cash flow and profit margins, and can signal operational delays or contract friction that influence a company’s financial performance.

depreciation and amortization financial

Depreciation and amortization are accounting methods that spread the cost of long-term assets over the years they help generate revenue: depreciation applies to physical items like equipment, while amortization applies to intangible items like patents or software. Investors watch these charges because they reduce reported profit without using cash right away, so comparing them to cash flow helps reveal whether earnings come from real business performance or just accounting allocation — like spreading the price of a car or a license over many years.

form 6-k regulatory

A Form 6-K is a report that companies listed in certain countries file to provide important updates, such as financial results, corporate changes, or other significant information, to regulators and investors. It functions like an official company update or news release, helping investors stay informed about developments that could affect their investment decisions.

ipo financial

An initial public offering (IPO) is the process by which a private company sells its shares to the public for the first time, making its ownership available on the stock market. This allows the company to raise money from a wide range of investors to fund growth or other goals. For investors, an IPO offers a chance to buy into a company early in its public journey, potentially benefiting if the company grows in value.

warrants financial

Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.

sales and purchase agreement (spa) financial

A sales and purchase agreement (SPA) is a legally binding contract that sets out the full terms for buying or selling a company, its shares, or major assets, including the price, what is being transferred, conditions to close, and the parties’ key promises. For investors it matters because the SPA determines how value and risk are allocated—like a detailed house sale contract that specifies the price, what’s included, inspections, and who pays if hidden problems show up—so it affects deal certainty and potential future liabilities.

SINGAPORE--(BUSINESS WIRE)-- Vantage Corp (NYSE American: VNTG) (“Vantage” or the “Company”), a shipbroking company providing comprehensive services including brokerage, consultancy, and operational support in the tanker market, reports financial and operational results for the first six months of fiscal 2026 ended September 30, 2025.

Recent Operational Highlights

• Closed the acquisition of PJ Marine Singapore Pte. Ltd. (“PJ Singapore”)
• Entered into a Sales and Purchase Agreement (SPA) to acquire three shipbroking firms, PJ Singapore, PJ Marine Shanghai Co., Ltd. (“PJ Shanghai”), and Peijun Marine Consultant Co., Limited (“Peijun Marine”)
• Announced and executed on over half of the proposed $1 million share repurchase program

Management Commentary

“Over the past several months since our public listing, we’ve made some encouraging strides towards our global expansion initiative,” said Vantage Corp CEO Andre D’Rozario. “Starting with our most recent news, we were pleased to close the acquisition of PJ Singapore, in addition to entering into a SPA to acquire PJ Shanghai and Peijun Marine. These three acquisitions support our entry into the China market, which we believe has significant potential within the Petrochemicals and Sales & Purchase (S&P) market. These three firms not only align with Vantage operationally but provide us with the necessary network and infrastructure to accelerate our presence in the China market.

“Looking ahead, we intend to continue focusing on our global expansion initiative through inorganic means. We are continuing to evaluate a handful of opportunities in Europe and North America, including the potential acquisitions of shipbroking firms as well as targeted talent acquisitions of experienced brokers across global markets. These efforts are aimed at delivering immediate impact to our global footprint and client network. By strategically adding firms and personnel that align with Vantage’s mission and vision, we aim to continue growing and scaling our operational presence in Singapore, Dubai, China, and explore opportunities to eventually enter the European and North American markets.”

First Half Fiscal 2026 Financial Results

Total revenue for the six months ended September 30, 2025, was $8.5 million compared to $10.4 million in the same period last year. The decrease primarily reflects broader market pressures driven by external factors, including tariffs imposed by President Trump and the July 2025 sanctions, which introduced uncertainty across global trade and dampened overall demand, in addition to decrease in revenue from DPP operations.

Gross profit for the six months ended September 30, 2025, was $4.9 million, while gross margin was 57.8%. Gross profit for the same period last fiscal year was $7.2 million, while gross margin was 68.6%. The decrease was primarily driven by current market conditions resulting in leaner commission structures, partially offset by the Company’s increased focus on cost management.

Total operating expenses for the six months ended September 30, 2025, were $2.9 million compared to $1.5 million in the same period last year. The increase was primarily due to higher general and administrative expenses primarily driven by post-IPO structural adjustments, in addition to modest increase in selling and marketing and depreciation and amortization expenses.

Net income for the six months ended September 30, 2025, was $1.5 million compared to $4.7 million in the same period last year. The decline reflects both lower revenue and higher operating expenses, partially offset by ongoing cost management initiatives.

EBITDA for the six months ended September 30, 2025, was $2.2 million compared to $5.7 million in the same period last year.

Forward book order for the six months ended September 30, 2025 was $1.2 million compared to $760,000 in the same period last year.

As of September 30, 2025, cash and cash equivalents were $11.7 million compared to $5.9 million on March 31, 2025. The increase during the six month period was primarily driven by net IPO proceeds.

Vantage Corp CFO Lilian Lim commented: “Amid heightened market volatility during the six-month period stemming from tariffs and sanctions, we executed strategic changes to our business model that have meaningfully improved the sustainability and predictability of our future income streams. This includes a deliberate shift in focus toward term contracts, which provide stable and predictable income regardless of market volatility, compared to our prior heavy reliance on spot fixtures that are typically one-off, non-recurring contracts. As a result of this strategy shift, term contracts increased 8.9% year-over-year, and our forward order book grew to $1.2 million. Going forward, we remained focused on expanding our forward order book to enhance revenue visibility across future quarters and support efficient cost management.”

Conference Call

Vantage Corp CEO Andre D’Rozario will host a conference call and webcast tomorrow, January 21, 2026, at 8:30 a.m. Eastern time to discuss its financial and operational results for the first six months of fiscal 2026 ended September 30, 2025.

To listen to the audio webcast, please visit Vantage Corp’s Investor Relations website at https://www.vantageshipbrokers.com/investors or use the webcast link below. A replay of the webcast will also be available on Vantage Corp’s Investor Relations website shortly after the call.

Date/Time: Wednesday, January 21, 2026, at 8:30 a.m. Eastern time
Dial-In: https://register-conf.media-server.com/register/BI8f2aca1110b741a89fd5d8eb14b9386f
Webcast: https://edge.media-server.com/mmc/p/3hgg2yrt
Earnings Presentation: https://www.vantageshipbrokers.com/investors-news-events

 

First Half Fiscal 2026 Revenue by Commission Type and Geographical Region
		For the Six Months Ended September 30, 2025
		Singapore				Dubai				Total
		US$				US$				US$
Freight commission		6,044,533				155,402				6,199,935
Freight hire commission			1,530,697				7,503				1,538,200
Demurrage commission			690,679				15,289				705,968
Deviation and other commission			85,140				3,942				89,082
Total			8,351,049				182,136				8,533,185
		For the Six Months Ended September 30, 2024
		Singapore				Dubai				Total
		US$				US$				US$
Freight commission		7,811,621				183,840				7,995,461
Freight hire commission			1,307,220				104,764				1,411,984
Demurrage commission			826,696				966				827,662
Deviation and other commission			189,343				2,928				192,271
Total			10,134,880				292,498				10,427,378

Non-GAAP Financial Measure: Adjusted EBITDA

To supplement our GAAP results, we present Adjusted EBITDA, a non-GAAP financial measure that we define as net income adjusted for interest expense, income tax, depreciation and amortization, and interest income (including interest earned on fixed deposits). We use Adjusted EBITDA to evaluate core operating performance and guide strategic planning. This measure is widely used by investors and analysts to assess underlying business performance, excluding items that may vary significantly across companies.

		For the Six Months Ended September 30,
		2025		2024
		US$		US$
Net Income (GAAP)		1,473,399		4,688,060
Add (Deduct):
Interest Expenses		23,530		6,581
Income Tax		493,404		961,716
Depreciation and Amortization		244,970		102,927
Interest Income		(585)		(13,080)
Adjusted EBITDA		2,234,718		5,746,204

Form 6-K

Vantage Corp has filed its Form 6-K with an interim balance sheet and semi-annual income statement as of September 30, 2025, with the U.S. Securities and Exchange Commission on January 05, 2026.

The report is available on the SEC’s website at www.sec.gov and on the Company’s website at https://www.vantageshipbrokers.com/investors.

About Vantage Corp

Founded in 2012 by five seasoned shipbrokers, Vantage Corp provides comprehensive shipbroking services, including operational support and consultancy services, in the tanker markets, covering clean petroleum products (“CPP”) and petrochemicals, dirty petroleum products (“DPP”), biofuels and vegetable oils. Vantage Corp also has a sales & projects team, a research/strategy team and an IT team. Vantage over the years has emerged as a trusted intermediary and a pivotal link between oil companies, traders, shipowners, and commercial managers, ensuring smooth logistical flow for cargo deliveries to timely demurrage and claims settlements. Through its 100%-owned subsidiary Vantage (BVI) Corporation, Vantage Corp operates a growing network of regional subsidiaries, including Vantage Shipbrokers Pte Ltd (Singapore), Vantage Nexus Commercial Brokers Co., L.L.C (UAE), and PJ Marine Singapore Pte. Ltd. Vantage Corp listed on the NYSE American on 12 June 2025. For more information, visit https://www.vantageshipbrokers.com/.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s future performance, outlook, strategies and general business conditions. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “will”, “should”, “can have”, “likely” and other words and terms of similar meaning. Forward-looking statements represent Vantage’s current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and other factors discussed in the “Risk Factors” section of the Company’s annual report on Form 20-F filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

Vantage Corp and Subsidiaries Condensed Consolidated Balance Sheets
		30 September 2025				31 March 2025
		US$				US$
		(Unaudited)
ASSETS
Current Assets
Cash and Cash Equivalents			11,664,012				5,948,806
Accounts Receivable, Net			3,941,981				3,766,357
Prepaid Expenses and Other Current Assets, Net			3,604,105				1,193,972
Total Current Assets			19,210,098				10,909,135
Non-Current Assets
Plant and Equipment, Net			243,773				108,746
Right-of-Use Assets			1,221,954				142,525
Total Non-Current Assets			1,465,727				251,271
TOTAL ASSETS			20,675,825				11,160,406
LIABILITIES
Current Liabilities
Lease Payable – Current			477,227				144,747
Accounts Payable			51,265				46,177
Accruals and Other Current Liabilities			314,282				3,873,327
Dividend Payable			5,307,063				5,101,002
Income Tax Payable			1,257,889				853,048
Total Current Liabilities			7,407,726				10,018,301
Non-Current Liabilities
Lease Payable – Non-Current			754,231				981
Deferred Tax Liabilities			4,710				1,325
Dividend Payable			-				1,500,000
Total Non-Current Liabilities			758,941				1,502,306
TOTAL LIABILITIES			8,166,667				11,520,607
SHAREHOLDERS’ EQUITY
Ordinary shares, Class A, US$0.001 par value, 25,000,000 shares authorized, 11,371,120 and 7,633,620 issued and outstanding as of September 30, 2025 and March 31, 2025, respectively			11,371				7,634
Ordinary shares, Class B, US$0.001 par value, 25,000,000 shares authorized, 20,366,380 issued and outstanding as of September 30, 2025 and March 31, 2025, respectively			20,366				20,366
Additional paid-in capital			11,392,121				-
Retained Earnings / (Accumulated Deficit)			607,402				(865,997)
Merger Reserve			504,549				504,549
Accumulated Other Comprehensive Loss			(26,651)				(26,753	)
Total Shareholders’ Equity (Deficit)			12,509,158				(360,201	)
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			20,675,825				11,160,406

Vantage Corp and Subsidiaries Unaudited Condensed Consolidated Statements of Operations and other Comprehensive Loss
						For the Six Months
						Ended September 30,
						2025				2024
						US$				US$
Revenue							8,533,185				10,427,378
Cost of Revenue (exclusive of depreciation and amortization shown separately below)							(3,603,689)				(3,274,354)
Gross Profit							4,929,496				7,153,024
Operating Expenses:
Selling and Marketing Expenses							666,399				570,710
Depreciation and Amortization							244,970				102,927
General and Administrative Expenses							2,030,163				838,042
Total Operating Expenses							2,941,532				1,511,679
Income from Operations							1,987,964				5,641,345
Other Income (Expense):
Government Grants							1,784				1,932
Other Income							585				13,080
Interest Expenses							(23,530)				(6,581)
Total Other (Expense) Income							(21,161)				8,431
Income before Tax Expense							1,966,803				5,649,776
Income Tax Expense							(493,404)				(961,716)
Net Income							1,473,399				4,688,060
Other Comprehensive Income
Foreign currency translation loss, net of taxes							102				283
Total Comprehensive Income							1,473,501				4,688,343
Earnings Per Share Attributable to Weighted Average Number of Outstanding Ordinary Shares
Basic and Diluted							0.05				0.17
Weighted Average Number of Outstanding Ordinary Shares
Basic and Diluted							30,233,265				28,000,000*

*

Retroactively presented for 28,000,000 ordinary shares issued in preparation of the Company’s initial public offering

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260120923391/en/

Investor Relations

John Yi and Steven Shinmachi

Gateway Group, Inc.

949-574-3860

VNTG@gateway-grp.com

Source: Vantage Corp